ABCL Glory Capital Ltd., a wholly owned subsidiary of Agricultural Bank of China Ltd., is selling five-year, U.S. dollar-denominated bonds with a yield of around 1.7 percentage points above comparable U.S. Treasurys.

The company, which is rated A1 by Moody's Investors Service and A by both S&P Global Ratings and Fitch Ratings, plans to use the proceeds from the bond sale for working capital and general corporate purposes.

Its planned senior bonds will be unconditionally and irrevocably guaranteed by Agricultural Bank of China's Hong Kong branch. The bonds are expected to be rated A by Fitch.

ABC International, Agricultural Bank of China's Hong Kong branch, CICC HK Securities, ANZ, DBS Bank and Wells Fargo Securities are joint bookrunners on the deal.

The company plans to price the bond issue as early as Monday, the term sheet said.

Interest: 2.50%
Maturity date: 2021-06-21
Issue price: $99.54